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2B 2A 1 3 4B 4C 5 4B 5 5 4A CENTER ST.ST.TRAPROCK ST.OLIVINE ST.ARMSTRONG BLVD.RAMSEY BLVD.RHINESTONE ST.PERIDOT ST.146th AVE. BUNKER LAKE BLVD.SAPPHIRE SUNWOOD DRIVEZEOLITE ST.VETERANS DRIVE RAMSEY PARKWAY CENTER ST.ST.TRAPROCK ST.OLIVINE ST.ARMSTRONG BLVD.RAMSEY BLVD.RHINESTONE ST.PERIDOT ST.146th AVE. BUNKER LAKE BLVD.SAPPHIRE SUNWOOD DRIVEZEOLITE ST.VETERANS DRIVE RAMSEY PARKWAY MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES | 14 A New Model: Affordable Assisted Living at The Sanctuary at Brooklyn Center While there is a growing number of affordable senior housing developments for independent seniors, those in need of assisted-living services have virtually no new options. The 158-unit Sanctuary at Brooklyn Center has solved the problem and is now providing affordable assisted living in a modern facility that looks and feels like market-rate senior housing. In typical fashion, The Sanctuary used federal low-income housing tax credits to help fund construction. This keeps base rents at 60% AMI, or $904 per month. Where the project differs is its use of several federal and state financial assistance programs to provide assisted living services. Residents must qualify for medical assistance (MA) through Medicaid, have a need for 24-hour supervision and require help with at least three activities of daily living (ADLs). Once they meet the income and health-need qualifications, they gain a payment waiver that allows them access to tailored assisted living services up through memory care. Some residents seek additional financial assistance through a Group Residential Home waiver and those under age 65 gain assistance from the Minnesota Community Access for Disability Inclusion Waiver (CADI). The Sanctuary at Brooklyn Center opened on March 30, 2018 and over 60% of its 158 units were leased within five months. The remaining 40% of units are reserved while applicants complete the qualification process. Project leasing staff report extremely strong interest by potential residents and a continuous flow of calls from people all across the Twin Cities. Additional Sources: SGA Properties, Kass Wilson Architects, Sun Post AFFORDABLE HOUSING CASE STUDIES Transit-Oriented Development in the Exurbs: Greenway Terrace in Ramsey Ramsey, an exurban city nearly 30 miles northwest of Downtown Minneapolis, has become a hot spot for development this decade. Within Ramsey’s new 300+ acre downtown district known as “The COR” (The Center of Ramsey), a wide range of uses have been built including retail, office, recreation, government facilities, owned housing and multifamily housing. Nearly all new uses in The COR are within a 3/4 mile radius of the Ramsey Station for the Northstar Commuter Rail Line, the direct connector into Downtown Minneapolis. Many uses, like the new Greenway Terrace affordable apartments from Aeon, are within walking distance of the station. When it opens in fall 2018, Greenway Terrace will provide 54 affordable units to individuals and families earning 50% AMI or less. Additionally, four units will have Section 811 Project-Based Rental Assistance, four units will have Group Residential Housing (GRH) assistance, and 15 units will have Project-Based Vouchers. The many layers of funding assistance will ensure that the project is open to a wide range of households in the Ramsey area. To fund the project, Aeon utilized roughly $7.7 million in low-income housing tax credits, supplemented by an FHA-insured first mortgage under the 221(d)(4) loan program. Other sources included a loan from the City of Ramsey and sales tax and energy rebates. Additional Sources: Aeon, City of Ramsey, Finance and Commerce, Metro Transit